News

Al Rajhi gathers Saudi cash for Europe real estate fund

Real estate2Saudi Arabian asset manager Al Rajhi Capital has raised the equivalent of $155 million for a closed-ended fund investing in logistics infrastructure such as warehouses in western Europe. The fund marks a geographic expansion for the firm's real estate investment team, which recently exited a $360 million fund focused on logistics in the UAE and Saudi Arabia. Abdulaziz Al-Sabt, brokerage and shared services director, says the logistics sector contains "strong tenants, long leases, stable recurring income with potential for capital appreciation". "The continuing trend towards online sales is expected to accelerate the need for good quality distribution networks which translates into demand for warehouses and other logistics properties near trade routes such as ports and airports," he says. Established in 2008, the company is the brokerage, asset management and investment banking division of Riyadh-based Al Rajhi Bank, one of the largest banks in Saudi Arabia. The Al Rajhi European Real Estate Fund raised 581 million Saudi riyals in a private placement subscription. ©2016 funds global mena

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